Singapore’s Monetary Authority of Singapore (MAS), the country’s financial regulator, reiterated that crypto trading is generally unsuitable for the public after the recent theft of approximately $6.3 billion in Binance assets. MAS urged consumers to exercise caution and avoid dealing with unregulated companies. Binance was not authorized to provide regulated financial services in Singapore and has been on the Investor Alert List since September 2021. Although its local platform, Binance.sg, ceased operations in 2022, that did not prevent Singapore investors from accessing Binance.com. Licensed digital payment token services providers must maintain strict controls to manage technology and cybersecurity risks and protect customer assets, MAS said. However, licensing and regulatory safeguards cannot fully eliminate losses stemming from the inherently high risks of cryptocurrencies.